We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico after reviewing the November catalog. November marks the start of the Holiday season, with Betterware delivering winners in multiple categories and fully focused on strong initial seasonal sales. The division is also highly focused on driving solid returns (and margins) for investors. Continuing the trends for 2025, the November catalog registered lower SKUS and higher average pricing; in fact, the SKU count (327) was the lowest since March 2023, while the average ticket price was the highest in the last three years. That said, November also saw a slight increase in the YoY % of items on sale. We believe management remains focused on the key items (and pricing) that will win share in the Holiday season and register higher overall margins. We reiterate our Buy rating and $22.50 price target for BWMX.
